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ACCOUNTING PRACTICES |
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Basic concepts, assumptions, policies, methods and practices used by a company for maintaining the BOOKS OF ACCOUNT and summarization into FINANCIAL STATEMENTS. The principles should be consistent with GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. In larger companies, accounting policy, practices and principles may each have more precise definitions.
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COST-PLUS CONTRACT |
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A contract agreement wherein the purchaser agrees to pay the cost of all labor and materials plus an amount for contractor overhead and profit (usually as a percentage of the labor and material cost).
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